When it comes to adapting new banking methods, the sports betting industry is quick to adopt new currencies. So, it’s no surprise that many sportsbooks are now accepting Bitcoin for bets placed worldwide.
Nevertheless, some bettors are still unfamiliar with the practice, still opting to place bets using traditional payment methods. While there’s nothing wrong with that, many online sportsbooks are now encouraging their clients to place their bets using Bitcoin.
In fact, BTC betting might be the future payment method of choice for many sportsbooks, so it’s best if you learned more about how to use BTC for sports betting.
With that said, learn everything you need to know about BTC betting in this article – from its various advantages and how to use it for sports betting.
Bitcoin: A Quick Overview
Bitcoin is a form of digital currency or more popularly known as cryptocurrency. It’s built using blockchain technology, and its defining trait is that it doesn’t fall under the control of anyone. This means no single institution, person, or entity has control over BTC, making it an ideal match for sports bettors.
There are no physical coins or money with Bitcoin; all transactions are recorded in a distributed ledger, or more popularly known as a blockchain.
Additionally, aside from being decentralized, there other perks to using Bitcoin for sports betting.
Benefits of BTC Betting
So, what other advantages are there to using BTC for betting? Well, here are some of them:
As you know, more and more online sportsbooks are encouraging their clients to place their bets using Bitcoin. As such, they offer incentives such as bonuses for your initial deposit using the currency.
While sportsbooks offer bonuses for conventional methods like bank transfers or credit cards, the maximum amount for BTC betting tends to be higher. Betting with traditional methods usually means enjoying bonuses of up to 500 USD, depending on the sportsbook.
This can go as high as 1,000 USD, with some sportsbooks matching your deposit at 100%. Aside from this, many sportsbooks also offer to reload bonuses that tend to be higher than when reloading using other methods.
Security and Convenience
Bitcoin is one of the most secure methods available since none of your personal information will be given to your sportsbook. This means no more identity verifications when placing bets and no more issues with your deposits.
With BTC betting, you just need a unique BTC address and key to start placing bets. You no longer have to feel uncomfortable giving out your personal information to your chosen sportsbook because you no longer have to.
Lower Transaction Fees
One of the problems with traditional banking methods is that you need to pay several transaction fees when placing bets.
Sometimes, the fees can cost more than the actual bets you place. With BTC betting, you only have to pay the miner’s fee, which is needed to keep the whole technology behind Bitcoin running.
BTC Betting: How to Use Bitcoin for Sports Betting
With that said, how exactly do you place bets using Bitcoin? Check out the following steps to learn how.
1. Make an account with your sportsbook of choice.
Before anything, you first need to sign up with your chosen sportsbook and check if they accept Bitcoin for bets. Most reputable online sportsbooks do, so choose one that best suits your needs.
When you have an account, select Bitcoin from the list of available deposit options. Usually, you’ll be given a QR code through which you can make your BTC betting transactions.
2. Set up your Exchange account.
For this, you’ll need to create an account in the cryptocurrency exchange, such as Coinbase Exchange. The registration process is simple, similar to creating a PayPal account. Here, they’ll ask for some of your information, such as your name, email, and password of choice.
You can opt for two-factor authentication to ensure your account’s security. Once you have an account, you’ll also need to link your bank account, so you can buy Bitcoins using regular currency.
3. Create your own cryptocurrency wallet.
Once you have an Exchange account, you’ll now have to set up your Bitcoin wallet with a reputable provider. Here, you’ll also need to input your details as well as secure your wallet against cybercriminals.
Your wallet will give you a 32-character pin along with a QR code, both of which serve as your wallet payment address. After you have successfully created one, you can now send Bitcoins to your wallet and start placing your bets.
4. Deposit Bitcoin in your sportsbook account.
When you have enough Bitcoin in your wallet, you can now make deposits in your sportsbook account and begin BTC betting.
Depositing Bitcoin to your account is a fairly straightforward process. It usually involves sending Bitcoin from your wallet to your account using the QR code or given address, similar to how other money transfer options work.
With that, you can now begin BTC betting without worrying about compromising your online security.
Bitcoin is one of the safest options available if you want to engage in online sports betting. Aside from that, it’s also fast, reliable, and more cost-efficient compared to more conventional payment methods.
Many sportsbooks also offer incentives to their clients when they use Bitcoin as their primary deposit method, such as high bonuses for initial deposits and reloads.